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What happens to all my assets if I pass away without a Will?
If you pass away in Queensland without having a valid Will in place, the way in which your assets can be distributed is determined by something called the ‘Provisions of Intestacy’. This provision is a ‘onesize-fits-all’ set of rules determined by the state government as to how the assets of a person who dies without a Will are to be divided up. As everyone’s personal and family circumstances are unique, the way in which this one-size-fitsall set of rules works can often be very surprising to people who are unaware of it, and to their loved ones after they pass on. For instance, most people believe that their surviving spouse would receive the entirety of their estate. This is not the case!
We think it’s fair to say that this idea would be horrifying to some Queenslanders. Add to this fact that the state government could at any time change the existing intestacy provision laws by altering legislation and it’s clear as to why having a Will is so important.
Courage and confidence are what decision making is all about
Surprisingly, there are situations where the entirety of a deceased estate may go to the state government, in preference to, for instance, a dear friend or carer.
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